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it does, the senate majority leader harry reid is expected to weigh in, in just about ten minutes on the looming fiscal cliff. reid and his fellow senators are under intense scrutiny after john boehner said the democratic controlled senate must act first on proposals already passed by his chamber. we will bring you reid's remarks as they happen. >>> as the clock ticks down toward the fiscal cliff, washington has a new worry the debt ceiling, treasury secretary tim geithner says the united states will hit its legal borrowing limit on monday. alison kosik is in new york. i feel like it's groundhog day. >> i know it really is. what's old is new again, right, carol? let me kind of back up the bus here. we start talking about the debt ceiling and i know people's eyes glaze over. let me tell you exactly what the debt ceiling is. it's a cap set by congress of the amount of money the federal government can borrow. right now the ceiling is at $16.394 trillion and treasury secretary tim geithner said earlier this week we could hit that debt ceiling on monday, on new year's eve and the treas
gap measure, temporary measure before the new year? >> well, you just heard from senator reid he's pessimistic. i told you he's probably one of the biggest pes mists on the planet but i think in this particular case he has good reason to be pessimistic. the one thing that i think is important to also note is that what reid is telling people privately, i'm told, is that he doesn't want to bring anything up for a vote unlil he is sure it will pass both houses of congress and one of the reasons for that is a political one. he knows republicans won't want to take a vote to effectively increase taxes for that reason, to say i did it because i want to make sure most americans kept their tax cuts in place but also because of the markets. they really feel here if they take a failed vote and we still go over the fiscal cliff it will make the market reaction even worse than it would be if the fiscal cliff just happens which is not going to be a good scene probably. >> dana, that ing you very much. we'll be back with you in a half hour. >>> the adupgs of a russian child was almost complete.
and harry reid. republicans mitch mcconnell and john boehner. those four members of congress are expected to make the drive from the capital, which you see on the right, down pennsylvania avenue, to the white house, there on the left. and we expect them to enter through a side door on the west side of the mansion. that's the entrance right there. and they'll meet with the president. in the oval office. beginning, we're told, at 3:00 p.m., less than one hour from now. and just four days ahead of the so-called fiscal cliff. so a very big moment in the nation's capital. and to walk us through what might happen we turn to jessica yellin, a chief white house correspondent. jessica, we said up front, it is a long shot, give us a best case scenario. >> reporter: the best case scenario would be that all the leaders walk out of this meeting and say they have a deal. the two senators say they can bring it to a vote, and none of their members will filibuster it. house speaker john boehner says he will bring it to the house floor for a vote before new year's eve and house minority leader nancy pelosi
much all this would cost going into senator reid's office and then that payment heading over to the republican side. manila envelopes changing hands. so all that is a good sign that there are discussions and progress being made, at least they are talking, don. things could be worse. >> okay. so this may be a little bit redid you know danlt, but i want you to go in specifically for me. president obama says he wants another plan put to a vote if the senate fails to come up with a plan. so what is the president's plan, and will republican leaders let that happen? >> well, okay. so senate majority leader harry reid, a democrat, has crafted an alternative proposal that he has -- saying he will put -- if the negotiations i just described fail and if the senators cannot come to a bipartisan agreement, then the democratic leader is going to put on the floor a democratic proposal that would extend tax rates for households that make $250,000 and less. hatch the alternative minimum tax and extend unemployment insurance. so that's a democratic proposal. the problem with that is, you can
to meet with house speaker john boehner, minority leader nancy pelosi, senate majority harry reid and minority leader mitch mcconnell. that is happening this afternoon. jessica yellin is there. jess, what do we know about the president's plan to get everybody in the same room? do we think there's going to be something that comes out of this? >> reporter: well, this is one of those cases where we really are going to have to wait and see, and all the parties involved are also going in with a big question mark. the idea is the expectation by many of the participants in the meeting is that they hope that they will be able to discuss more details about a scaled-down fiscal cliff plan. and maybe that could lead to some sort of agreement ideally for all parties in which all the senators say that they will not filibuster it, and it can go to a vote. and then speaker boehner could, in theory, agree to bring it to a vote on the house floor after the house comes back on sunday. and then we would get all of this behind us before new year's eve. how likely does that sound? not so likely. >> yo
they had to figure out, victor, is whether or not harry reid working with the white house on this can get enough votes from republicans to cross party lines for even a scaled back measure, which the president laid out in general on friday, would just be to keep americans' taxes where they are for those making $250,000 or less. and to do a couple of other things, unemployment benefits, maybe, maybe extend the estate tax cut, which is -- which is also going to run out, but, again, they're not even -- the senator won't even consider doing this, i'm told, unless he's sure they'll get through the senate and the house because politically they don't think there is any reason for congress to take votes that are just going to fail. also, they that i it will be bad for the markets, even worse for the markets to have failed votes and then go off the fiscal cliff. >> so the idea that john boehner is even having this conference call, discussing the possibility of bringing the house back into order, is that an indication that he's optimistic that there will be something that he could get a few minority
Search Results 0 to 5 of about 6

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